Court OKs Auction of Assets as MacKeyser/AOS Bankruptcy Proceeds

WILMINGTON, Del.—On Thursday, Aug. 7, a Delaware bankruptcy judge approved MacKeyser Holdings LLC’s plan to auction the assets of about 20 of the 80 multiple-location practices the company owns in 14 states. The proceeds of the auction are to be used toward repaying the $58 million the company owes hundreds of creditors. Some of the other locations have already been shut down because of their profitability levels.

MacKeyser and its subsidiaries, which include American Optical Services (AOS) and a number of other optical businesses the company had previously acquired,
filed for bankruptcy in June, soon after Thomas Allison was
named CEO following the termination of the company’s former CEO, Pierre Keyser, and former COO, Erica Perreira, amidst a “liquidity crisis” and “accounting irregularities.”

Following the Aug.7 court proceedings, U.S. Bankruptcy Judge Christopher S. Sontchi in the U.S. Bankruptcy Court for the District of Delaware approved the sale of MacKeyser’s assets by auction. According to court documents, “The auction shall be held beginning at 10:00 am (ET) on Aug. 26, 2014 at the offices of Skadden, Arps, Slate, Meagher & Flom LLP, 4 Times Square, New York, NY 10036 or such other place as the debtors may designate at least three (3) days prior to the auction.”

Upcoming dates related to the auction are—deadline for potential buyers to submit bids: Aug. 21 at 4:00 p.m.; auction (start date) Aug. 26 at 10:00 a.m.; deadline for objections: Aug. 29 at 4:00 p.m.; hearing to approve sales: Sept. 3 at 3:00 p.m. As these dates are subject to change, interested parties are advised to frequently check the court docket for changes at the debtors’ case
website, which also includes a list of the locations whose assets will be auctioned off.

MacKeyser CEO Thomas Allison and the company’s counsel, David R. Hurst of Cole, Schotz, Meisel, Forman & Leonard, P.A., could not be reached for comment at press time.